The Planning Commission, which was established in 1950 was on 1st January replaced by a new body, NITI Aayog or National Institution for Transforming India, which will serve as a policy think-tank for the central as well as state governments and have Prime Minister as its chairperson. NITI Aayog will have a CEO and a vice chairperson, to be appointed by the Prime Minister, in addition to some full-time members and two part-time members, while four union ministers would serve as ex-officio members. The NITI Aayog will have a governing council comprising of all state chief ministers and Lt Governors and will work towards fostering a 'co-operative federalism' for providing a "national agenda" to the Centre and states.
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